Carin opened a money market account with a deposit of $3,000. This account earns 2% simple interest annually. How many years will it take fo

Question

Carin opened a money market account with a deposit of $3,000. This account earns 2% simple interest annually. How many years will it take for her $3,000 deposit to earn $430 in interest, assuming she does not withdraw any of the money?

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Thu Giang 6 months 2021-07-27T11:31:15+00:00 1 Answers 6 views 0

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    2021-07-27T11:32:51+00:00

    Answer:

    The correct answer is – 7.166 years

    Step-by-step explanation:

    Given:

    principle amount: 3000

    rate of interest: 2%

    time?

    Interent to get: 430

    Formula:

    I = P*t*r/100

    here p = principle

    I = interest

    r = rate of intrest and t = time

    Solution putting value and deriving Time as formula:

    (3000*2*t)/100 = 430

    t = 43000/3000*2

    = 7.166 years.

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